Reserve LC definition

Reserve LC means, with respect to any Series having a Reserve Account, any unconditional, irrevocable standby letter of credit which replaces all or a portion of the amounts on deposit in such Reserve Account in accordance with the applicable Indenture Supplement.
Sample 1Sample 2
Reserve LC means the NOI LC or the Spa LC.
Sample 1Sample 2
Reserve LC means an unconditional, irrevocable standby letter of credit from a Qualified LC Bank.
Sample 1

Examples of Reserve LC in a sentence

  • The maximum Stated Amount of the O&M Reserve LC outstanding and the Stated Amount of any requested but not yet issued O&M Reserve LC at any time shall not exceed $2,570,000.

  • Unless an Event of Default exists and is continuing, Administrative Agent, as beneficiary under the O&M Reserve LC, shall make a draw under the O&M Reserve LC to the extent necessary in the event that the amounts on deposit in the Revenue Account are at any applicable time insufficient for the purpose set forth in Section 6(b)(1).

  • In the event that upon the repayment of any O&M Reserve LC Loan and reinstatement of the Stated Amount of the O&M Reserve LC, the effect of which is that the aggregate sum of such reinstated Stated Amount and amount of funds on deposit in the Debt Service Reserve Account exceeds the O&M Reserve Requirement, then such excess amount shall be transferred to the Revenue Account to be applied pursuant to Section 6(b).

  • Each Debt Service Reserve LC Loan, if any, shall be due and payable in full on the LC Loan Maturity Date.

  • In the event that upon the repayment of any Debt Service Reserve LC Loan and reinstatement of the Stated Amount of the Debt Service Reserve LC, the effect of which is that the aggregate sum of such reinstated Stated Amount and amount of funds on deposit in the Debt Service Reserve Account exceeds the Debt Service Reserve Requirement, then such excess amount shall be transferred to the Revenue Account to be applied pursuant to Section 6(b).

  • The O&M Reserve LC shall be in an initial Stated Amount equal to $2,570,000 and shall be substantially in the form attached hereto as Exhibit O.

  • The maximum Stated Amount of the Debt Service Reserve LC outstanding at any time and the Stated Amount of any requested but not yet issued Debt Service Reserve LC shall not exceed $6,630,000.

  • Subject to the terms and conditions contained in this Financing Agreement, the Issuing Bank irrevocably agrees to issue on the Closing Date, the O&M Reserve LC for the account of Borrower and in favor of the Administrative Agent (on behalf of the Lenders) as beneficiary in support of O&M Costs.

  • Subject to the terms and conditions contained in this Financing Agreement, Issuing Bank irrevocably agrees to issue on the Closing Date, the Debt Service Reserve LC for the account of Borrower and in favor of the Administrative Agent (on behalf of the Lenders) as beneficiary in support of the Debt Service Reserve Requirement.

  • Each O&M Reserve LC Loan, if any, shall be due and payable in full on the LC Loan Maturity Date.


More Definitions of Reserve LC

Reserve LC shall have the meaning set forth in Section 3.02(c)(ii) hereof.
Sample 1
Reserve LC shall have the meaning specified in Section 4.4(a).
Sample 1

Related to Reserve LC

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • LC Reserve the aggregate of all LC Obligations, other than (a) those that have been Cash Collateralized; and (b) if no Default or Event of Default exists, those constituting charges owing to the Issuing Bank.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Interest Reserve Loan Each Actual/360 Mortgage Loan.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Letter of Credit Reserve has the meaning set forth in Section 2.1.2(d).

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Replacement Reserve Agreement means a Replacement Reserve and Security Agreement, reasonably required by the Lender, and completed in accordance with the requirements of the DUS Guide.

  • CMSA Loan Level Reserve/LOC Report means the monthly report substantially in the form of, and containing the information called for in, the downloadable form of the "Loan Level Reserve/LOC Report" available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • CREFC® Loan Level Reserve/LOC Report The monthly report in the “CREFC® Loan Level Reserve/LOC Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Capital Reserve Fund means the reserve fund created and established by the Authority in

  • Replacement Reserve As defined in Section 9.5.1.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the name of the Trustee for the benefit of the Regular Certificateholders and designated "Deutsche Bank, National Trust Company in trust for registered Holders of Morgan Stanley ABS Capital I Inc. Trust 2006-HE3, Mortgage Pass-Through Xxxxxfxxxxxx, Series 2006-HE3." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Available Reserve Account Amount means, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Interest Reserve Account means that Interest Reserve Account maintained by the Master Servicer pursuant to Section 5.1(a), which account shall be an Eligible Account.

  • Required Reserve Amount means, with respect to any Payment Date, the lesser of (a) 0.25% of the difference of the Aggregate Starting Principal Balance less the Yield Supplement Overcollateralization Amount as of the applicable Cutoff Date of all Receivables transferred to the Trust and (b) the Outstanding Amount of the Notes.

  • Reserve Account Amount means, for any Distribution Date, the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the initial Distribution Date, the Closing Date), including all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period.

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.